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and interest at the corporate trust office of the City's registrar, <br />presently AmeriTrust Company National Association, Cleveland, Ohio (the <br />"Registrar"). The principal on the Bonds shall be payable upon <br />presentation and surrender thereof to the Registrar. Interest on any <br />Bond shall be paid on each Interest Payment Date by check or draft <br />mailed to the person in whose name that Bond is registered (the <br />"Holder") on the registration books of the City maintained by the <br />Registrar at the address appearing thereon at the close of business on <br />the fifteenth day of the calendar month next preceding the Interest <br />Payment Date (the "Regular Record Date"). Any interest not timely pa~d <br />(the "Defaulted Interest") shall cease to be payable to the person who <br />is the Holder as of the Regular Record Date and shall be payable to the <br />person who is the Holder at the close of business on a special record <br />date (the "Special Record Date") for the payment of such Defaulted <br />Interest. Such Special Record shall be fixed by the Council of the City <br />whenever moneys become available for payment of the Defaulted Interest, <br />and shall cause notice of the proposed payment of such. Defaulted <br />Interest and the Special Record Date therefor to be mailed first class <br />postage prepaid, not less than ten (10) days prior to each Holder at his <br />address as it appears on the registration books of the City maintained <br />by the Registrar. The principal and interest on the Bonds is payable in <br />lawful money of the United States of America without deduction for the <br />services of the Registrar. <br /> <br /> No Bond shall be valid or become obligatory for any purpose <br />unless and until an authentication certificate appearing on the Bond <br />shall have been duly endorsed by the Registrar. <br /> <br /> Each Bond shall bear interest from its date and shall be dated <br />as of May 1, 1987, if authenticated prior to December 1, 1987, and <br />otherwise shall be dated as of the Interest Payment Date next preceding <br />the date of its authentication, unless authenticated upon an Interest <br />Payment Date, in which case it shall be dated as of the date of its <br />authentication; provided, however, that if at the time of authentication <br />interest is in default, such Bond shall be dated as of the date to which <br />interest has been paid. <br /> <br /> Any Bond, upon surrender thereof at the principal corporate <br />trust office of the Registrar, together with an assignment duly executed <br />by the Holder or his duly authorized attorney in such form as shall be <br />satisfactory to the Registrar, at the option of the Holder thereof, may <br />be exchanged for Bonds of any authorized denomination or denominations <br />in an aggregate principal amount not exceeding the principal amount of <br />the Bond so exchanged, and bearing interest at the same rate and matur- <br />ing on the same date. <br /> <br /> Any Bond, at no cost to the Holder, may be transferred only <br />upon the books kept for the registration and transfer of Bonds, upon <br />surrender thereof at the principal corporate trust office of the Regis- <br />trar together with an mssignment duly executed by the Holder or his duly <br />authorized attorney in such form as shall be satisfactory to the Regis- <br />trar. Upon the transfer of any such Bond and on request of the Regis- <br />trar, the C~ty shall execute ~m the name of the transferee, and the <br />Registrar shall authenticate and deliver, a new Bond, of any authorized <br />denomination, in aggregate principal amount equal to the principal <br /> <br />-2- <br /> <br /> <br />